Investment banks generally organize advisory professionals by industry coverage, product expertise, or a combination of both. An industry group, such as healthcare or industrials, develops relationships and sector knowledge. A product group specializes in executing a particular transaction, such as issuing bonds, selling shares, acquiring a company, or renegotiating debt.
Coverage and product bankers often work on the same assignment. If a software company wants to acquire a competitor and finance the purchase with debt, technology coverage bankers may coordinate the client relationship, M&A bankers may advise on the acquisition, and financing teams may arrange the debt. The exact division of responsibility varies by bank and office.